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BREAKING: CBN finally orders banks to commence circulation of old notes

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Ten days after the Supreme Court ordered that the return of the old N1,000, N500 and N200 notes as legal tender to circulate side by side the redesigned versions till December 31, 2023, the Central Bank OF Nigeria (CBN) on Monday, finally issued the much-awaited circular to commercial banks to implement the order.

But it came hours after President Muhammadu Buhari, absolved himself of blame and threw it at the doorsteps of the CBN and Attorney General of the Federation, short of asking Nigerians, who had suffered the brunt of the cash crunch crisis to hold them responsible.

The by the apex bank’s directive to the Deposit Money Banks (DMBs) was to the effect that the should comply with the orders of the apex court, which had on March 3, delivered a judgement in in a case initially brought by three Governors – Nasir El-Rufai of Kaduna, Yahaya Bello of Kogi ane Bello Matawalle of Zamfara, who riled against the February 10 deadline for the old notes to cease to be legal tenders.

The apex court had initially halted the implementation of the deadline on February 10 and reiterated same a week later on February 15, before Buhari in a nationwide broadcast on February 16, ordered that only the N200 notes should return as a temporary measure till April.

Against the backdrop of back and forth between the banks, claiming not to have received a clear directive from the apex band and their customers, who had faced some of the most trying times in recent years, the CBN finally issued the directive by CBN’s acting Director, Corporate Communications, Isa AbdulMumin, on Monday.

The statement read: “In compliance with the established tradition of obedience to court orders and sustenance of the Rule of Law Principle that characterised the government of President Muhammadu Buhari, and by extension, the operations of the Central Bank of Nigeria, as a regulator, Deposit Money Banks operating in Nigeria have been directed to comply with the Supreme Court ruling of March 3, 2023.

“Accordingly, the CBN met with the Bankers’ Committee and has directed that the old N200, N500 and N1000 banknotes remain legal tender alongside the redesigned banknotes till December 31, 2023. Consequently, all concerned are directed to conform accordingly.”

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Obi to Nigerians: Don’t be despaired, your mandate won’t be lost

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The Presidential candidate of the Labour Party (LP), Peter Obi says he is aware of some evil designs against himself and his supporters in the coming months.

The former Anambra State governor disclosed this in a statement released on his verified Twitter handle on Monday, May 29, 2023.

The release of the statement coincided with the inauguration of Bola Tinubu of the All Progressives Congress (APC) as Nigeria’s President at the Eagle Square in Abuja.

 

I am aware of some evil designs being hatched against me and my supporters in the coming months. Efforts will be made to taint my image. Campaigns of calumny are being perfected to defame my character and diminish my hard-earned integrity.

— Peter Obi (@PeterObi) May 28, 2023

See full statement:

For all Nigerians, this is a time for deep reflection. It is also a time to re-examine our assumptions, even as we reaffirm our hopes. Let us calmly review our aspirations, in order to recalibrate our expectations and pin down the causes of our missed opportunities and disappointments.

We stand at that critical moment in time when, as a people, we must collectively come to grips with the reality of our injured destiny as well as the reasons for that injury. It is for us to reassess our plight as a young democracy and identify clear pathways to a better and greater future for us all. As we await the verdict of the election tribunal, I urge all Nigerians to use this opportunity to renew their commitment to the Nigerian ideal. That ideal remains noble and worth every sacrifice we can make.

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Nigeria remains our only patrimony and it is a patrimony we must protect, rather than violate. We have no other nation but this, so let us remain committed to rescuing and rebuilding it.

The judiciary is part of the democratic enterprise and a critical governance tool for determining the propriety of the decisions and actions of every citizen and every institution of state. To that extent, and for that reason, I urge everyone to treat it with the respect and dignity it deserves.

We expect that the Nigerian judiciary will use the election cases now before it to reaffirm its independence and integrity. It has to do so, for all our sakes and for itself.

Nigerians must, therefore, remain peaceful and law abiding. No matter the depth of anyone’s reservations about what is going on in the polity today, no matter the real and imagined provocations, and no matter the disagreement out there, we should remember that this will not last forever.

I remain committed, and untiring, in my determination to work with like-minded fellow Nigerians to end the curse of missed opportunities and squandered hope that has become our lot here.

I will never shrink from that original commitment, because I firmly believe that we must change from the present politics of criminality, and corruption, in order to make a new Nigeria possible.

I call on fellow Nigerians, especially the youths to remain steadfast, calm, patient, and peaceful. Our journey may be long and difficult but it is worth it in every way. Victory is assured.

We have to work together to move our beautiful country from corruption and criminality to a center of productivity rather than aimless consumption.

I am aware of some evil designs being hatched against me and my supporters in the coming months. Efforts will be made to taint my image. Campaigns of calumny are being perfected to defame my character and diminish my hard-earned integrity.

These schemes will aim at degrading our support base and confusing the public. But, no evil campaign will alter the substance of my character; nor diminish my patriotic commitment to a better Nigeria. It is about the future of our youths. it is about ending the Years of Locust.

In all of this, I thank Nigerians, our great party (LP) and the media. The latter, as the Fourth Estate of the realm, has remained a trusted ally.

This Estate must continue to guide our people on the immense promise of a future in a new Nigeria.

God bless Nigeria and protect the troops keeping us safe in this season of vaulting insecurity.

Long live the Federal Republic of Nigeria. –PO

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Tinubu will unveil Ministers in two months *He’ll be different – Faleke

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James Faleke, lawmaker and Secretary of the now defunct All Progressives Congress Presidential Campaign Council (APC-PCC), has revealed that President Bola Tinubu would unveil members of his cabinet within 60 days.

Channels Television, which quoted him as saying on Monday, at the inauguration of of Tinubu and Kashim Shettima as president and vice-president of Nigeria was underway at the Eagle Square in Abuja, said the President, would , unveil his cabinet as soon as possible.

Faleke, who promised that the new President would bring a different approach to power, was quoted as saying: “Of course, within 60 days, that’s what the law says. He can announce anytime but I just know he must do it within 60 days.”

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Tinubu: My stand on corruption, insecurity *How I’ll banish poverty in Nigeria

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Eradication of terrorism, waging war against corruption and battling the crippling poverty in Nigeria, would form the fulcrum of a new Nigeria President Bola Tinubu, says he would strive to put in place as his new government began hours ago after assuming the reins of power as the 16th President, after Muhammadu Buhari handed over to him at an elaborate ceremony at the Eagle Square, Abuja, on Monday.

Vowing to  defend Nigeria from all forms of terror, as well as end extreme poverty in the country, Tinubu, told Nigerians: “I will do that through job creation and food security and end to extreme poverty. I will ensure that corruption is tacked by strenghtening anti-corruption agencies.”

He also promised that his administration would discourage corruption through the introduction of a credit culture, stating: “Our government will continue to take proactive steps such as championing a credit culture to discourage corruption while strengthening the effectiveness and efficiency of the various anti-corruption agencies.”

It was also on a day the President, who had during his presidential campaigns, promised Nigerians that he would remove subsidy on petroleum products, made good his words by announcing suspension on them, adding that the era of payments on fuel was gone, as the 2023 Budget made no provision for fuel subsidy “and more so, subsidy payment is no longer justifiable.”

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